https://www.taxtmi.com/caselaws?id=460842 The Court held that the imposition of a penalty under section 271(1)(c) of the Income Tax Act, 1961, was invalid due to the failure to specify the limb-either concealment of income or furnishing inaccurate particulars-on which the penalty was based. The Court set aside the orders of the CIT(A) and directed the AO to delete the penalty for the relevant years. The decision emphasized the necessity for penalty notices to clearly specify charges to ensure fairness and adherence to principles of natural justice, as supported by precedents from the Bombay HC and Karnataka HC. en-us Tue, 27 Aug 2024 00:00:00 +0530 Mon, 24 Feb 2025 18:57:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460842 The Court held that the imposition of a penalty under section 271(1)(c) of the Income Tax Act, 1961, was invalid due to the failure to specify the limb-either concealment of income or furnishing inaccurate particulars-on which the penalty was based. The Court set aside the orders of the CIT(A) and directed the AO to delete the penalty for the relevant years. The decision emphasized the necessity for penalty notices to clearly specify charges to ensure fairness and adherence to principles of natural justice, as supported by precedents from the Bombay HC and Karnataka HC. Case-Laws Income Tax Tue, 27 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460842